CGN New Energy Holdings (1811) H2 2025 earnings summary

Executive summary

• Revenue declined 13.2% year-over-year to US$1,692.8 million, mainly due to lower tariffs and reduced power generation in Korea and PRC projects.

• Profit attributable to equity shareholders rose 11.2% to US$275.9 million, driven by a US$23.9 million gain on subsidiary disposal and lower impairment losses.

• Operating profit decreased 9.0% to US$480.7 million, reflecting lower revenue from PRC wind projects.

• Final dividend of 1.61 US cents per share proposed, representing a 25% payout ratio.

Financial highlights

• Operating expenses fell 14.8% to US$1,212.1 million, mainly due to lower gas and coal costs.

• Finance costs decreased 12.3% to US$158.9 million, reflecting lower average interest rates.

• Net debt/equity ratio improved to 3.13 from 3.49 year-over-year.

• Cash and cash equivalents increased to US$164.6 million.

• Non-current assets rose to US$7,353.8 million, while current assets declined to US$1,736.8 million.

• Capital expenditure was US$713.8 million, down from US$888.0 million.

Outlook and guidance

• Focus on wind and solar as core businesses, leveraging technological innovation and digital transformation.

• Plans to enhance operational efficiency, expand new business forms, and deepen market participation.

• Aligning with China's 15th Five-Year Plan, targeting growth in non-fossil energy and intelligent operations.